It says the activity that has taken in place in the UK over the last five years is minimal considering global levels.

However, it suggests there are a number of ageing North Sea assets that could be closed down in the next decade, with a number of ports expected to become competitive for floating asset decommissioning tenders.

It suggests facilities with existing dry docks offer an advantage but adds investing in one is unlikely to represent an immediate investment opportunity for facilities which do not already have a dry dock.

It claims this is because the level of activity forecast at this stage is not likely to sustain the level of required investment.